Looking at the daily chart
, we can see that Gold
has hit a 2016 support line around 1208 (which is also the Fibonacci 0.5 marker using the 1 year high and low). We can also see that a crab pattern
has been completed, signalling a bullish
reversal. A wedge
is also in the early stages of being created, which supports the idea that there is likely to be an uptrend in the near future.
Looking at the RSI
is looking undersold but with some small upwards movement. Uptrend's are also being shown on CCI
I would look for this bullish
rally to reach levels of 1304, which is a level that has been both support and resistance
when we look back at Gold's history.